In a time when a third of all Americans — including one in seven people over 65 — have nothing saved for retirement, adults nationwide must weigh what they want most in retirement.
Is it a low-cost city where a fixed income can cover all their expenses? What about access to medical specialists and in-home health care? How much do museums and volunteer opportunities matter? And how much do each of those things matter?
WalletHub, a personal finance research company, measured the affordability, quality of life, level of healthcare access and availability of activities for retirees of the America's 150 largest cities.
Their highest-scoring cities, in order, were:
- Sioux Falls
- Las Vegas
- Cape Coral, Florida
- Los Angeles
WalletHub says it assumed retirees were on fixed incomes, and calculated cities' affordability based on their cost of living, tax-friendliness toward retirees and cost of in-home care services. The cheapest cities were Laredo and Brownsville, Texas; Tampa and St. Petersburg, Florida; and Memphis, Tennessee.
The highest quality of life ratings went to Glendale and Los Angeles, California; Henderson, Nevada, outside Las Vegas; Scottsdale, Arizona; and Honolulu, Hawaii. This category considered how much of the population was over 65 and how many seniors work, along with cities' walk scores, crime rates, air quality and water quality.
Researchers calculated "activity" scores by considering how many recreation centers, public golf courses, museums, theaters, music venues and volunteer activities cities offered. The highest activity scores went to San Francisco — which scored 146th out of 150 for affordability — Miami, Atlanta, Washington, D.C. and Minneapolis.
Finally, to figure out which cities offered the best access to health care, researchers considered the number of doctors, dentists, nurses and hospitals per capita, hospitals' quality ratings and regional life expectancy. The highest-scoring cities in this category were Sioux Falls, South Dakota; Minneapolis; Overland Park, Kansas; Madison, Wisconsin; and San Jose, California.
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